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New York

Prices at 212 Fifth to start at $2,500 psf

Madison, Thor and BLT converting former Ring building to 48 condos

From left: Robert Gladstone, Gary Barnett and 212 Fifth Avenue
From left: Robert Gladstone, Gary Barnett and 212 Fifth Avenue

New details continue to trickle out on Madison Equities, Thor Equities and Building and Land Technology’s condo conversion of 212 Fifth Avenue in NoMad.

Units at the 24-story, 48-unit building will go on sale this week, priced from $2,500 to $4,500 per square foot, or $3.9 million for a two-bedroom, Robert Gladstone, CEO of Madison Equities, told the New York Times.

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Extell Development bought the building, along with 13 others, from the Ring family after an exhaustive courtship process, closing last year. Extell’s CEO Gary Barnett then ground-leased four of the buildings, and sold the crown jewel, 212 Fifth, to the partnership that owns it today.

The Real Deal first reported the planned condo conversion and details on the project’s financing back in January. [NYT] – Ariel Stulberg

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Gary BarnettRobert GladstoneThor Equities